(1)Subject to the provisions of this section the Secretary of State may, with the consent of the Treasury, pay to local authorities for the year 1967-68 and subsequent years grants of such amounts and payable at such times and subject to such conditions as he may from time to time determine, either generally or in the case of any particular authority, in respect of expenditure incurred by those authorities on and after 16th May 1967 in or in connection with the acquisition for use as a public open space of land approved by the Secretary of State for the purposes of this section.
(2)Grants under this section may be made either as periodical grants in respect of the costs from time to time incurred or treated as incurred by a local authority in respect of the borrowing of money to defray expenditure qualifying for such grants, or as capital grants in respect of such expenditure or in substitution for such periodical grants.
(3)The amount of the grant which may be paid to a local authority under this section in respect of any expenditure shall not exceed one-half of the amount of that expenditure, or of the costs incurred or treated as incurred as aforesaid on account of that expenditure, as approved by the Secretary of State for the purposes of this section.
(4)For the purposes of this section any land appropriated by a local authority for use as a public open space may be treated as acquired by that authority for that purpose at a cost of such amount, and defrayed in such manner, as the Secretary of State may determine.
(5)In this section " local authority " means a local authority within the meaning of the [1947 c. 53.] Town and Country Planning (Scotland) Act 1947.